Leading designer and manufacturer of advanced optical instruments for medical and defense industries, Precision Optics Corporation Inc (OTCMKTS:PEYE) on May 11, 2022, made an announcement on Lighthouse Imaging division transferring into production a next-generation otoscope device. This device harnesses the firm’s novel optical systems capabilities.
On Wednesday, PEYE stock ended flat at $1.69 with 100 shares, compared to its average volume of 8.8K shares. The stock moved within a range of $1.6900 – 1.6900 after opening trading at $1.69.
Precision Optics Announces First Deliveries by Lighthouse Imaging Division against New Production Order for Next Generation Otoscope Application
The product supports advanced otoscopy procedures. The initial production units have been shipped against a production order of $600,000. The firm is anticipating shipping the balance of the order in the next one year. The follow-on additional production orders are anticipated as elective medical procedures are recovering from the pandemic impact.
Dr. Joe Forkey, CEO of Precision Optics said that the transition of the product from development pipeline to commercial production is a significant achievement for the firm. Forkey added that it demonstrates the first of several products anticipated from the Lighthouse Imaging division. The CEO further stated that the company is looking forward to continuing supply to the customer a highly sophisticated medical imaging device and believes that it is an incredible long-term opportunity for both Precision Optics and as well as customers.
Forkey also opined that the integration of engineering teams and close working on new projects will increase the number of programs supported by the firm. This will result in the acceleration of programs from transition to production.
“The transition of this product from our development pipeline to commercial production is a key milestone for the Company as it represents the first of a number of product launches we anticipate from our recently acquired Lighthouse Imaging division,” commented Dr. Joe Forkey, CEO of Precision Optics.
PEYE stock is trading below the 20-Day and 50-Day Moving averages of $1.92 and $2.01 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.06.